The President’s Working Group on Monetary Markets, or PWG, has launched a report suggesting that stablecoin issuers in the US needs to be topic to “applicable federal oversight” akin to that of banks.
A Nov. 1 U.S. Treasury report from the group with the Workplace of the Comptroller of the Forex and Federal Deposit Insurance coverage Company stated Congress ought to “act promptly to make sure that cost stablecoins are topic to applicable federal prudential oversight on a constant and complete foundation.” The federal government businesses stated stablecoin issuers needs to be held to the identical requirements as insured depository establishments together with state and federally chartered banks and financial savings associations as they shield prospects’ deposits and restrict “any potential unfavourable systemic impacts within the occasion of financial institution failure.”
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